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Author Topic: [ANN][IDO] Boopsy: a token that rewards holders of BOOP with more BOOP  (Read 315 times)

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Boopsy is a token that rewards holders of BOOP with more BOOP. The initial supply starts at 5m BOOP and grows to a maximum of 100m BOOP through paying out rewards to holders. The reward rate fluctuates between 1% and 5% daily depending on demand.

Boopsy: a token that rewards holders of BOOP with more BOOP
Watch the video here

Project started August 2020 - today is our first public announcement (February 2021)
Fully completed and deployed smart contract - no owners, admins, or governance
Token supply to grow from 5m to 100m BOOP through daily holder payouts (1%-5%)
Smart contract adjusts payout rate based on the number of new holders each day
More background in our Medium announcement:
See infographic and FAQ below for more details

Launch (IDO) - February 21, 2021
The project is complete and the Boopsy smart contract has been deployed as of February 19, 2021.
Boopsy will be launched on Uniswap on Sunday February 21, 2021 at approximately 21:21 UTC (1:21 PM PST / 2:21 PM MST / 4:21 PM EST).
1m of the total 5m initial BOOP tokens will be allocated to the Boopsy team for development and liquidity costs.
The remaining 4m BOOP will be added to the Uniswap ETH/BOOP trading pair in tranches over time.
The initial liquidity will be approximately $100k USD (in ETH) to 1m BOOP, giving approximately $0.10 per BOOP. This gives a fully diluted market cap of $500k.
We will slowly add more BOOP liquidity over time.


What is Boopsy? What are BOOPs?
Boopsy is a smart contract that awards more BOOPs to holders of BOOP until there are no more BOOPs to be given.

Why Boopsy?
It is a fun name that we think people will remember, and our intention with Boopsy is to be light-hearted and not so serious.

Do BOOPs have any value?

Should I invest in BOOP?
No. Boopsy and BOOP are not investments, and we are not investment advisors. Please consult your financial advisor for financial advice.

What is the initial token supply of BOOP?
The initial supply starts at 5 million.

What is the maximum token supply of BOOP?
The supply can grow to 100 million.

How many rounds will there be?
It depends on how the payout rate adjusts to changing demand over time. For example, a 5% payout every other day would complete in just over 2 months. A 1% payment every day would go for nearly a year.

How does the payout happen?
When a new round begins all payouts and rate adjustments are applied for every holder. Anybody can tell the smart contract to "rebase" after a round completes (or use the "Start new round" button) and a new round will be started.

What happens to the price when a payout is given?
Because the ratio of BOOP to ETH changes when a payout is given, Uniswap automatically adjusts the price of BOOP lower accordingly. But because holders have more tokens, the overall total ETH value of their BOOP holdings should stay the same.

The idea is to keep the price of BOOP attractive to new holders, while rewarding holders with more and more BOOP (rather than fewer BOOP of higher value).

What happens when the number of holders increase?
All holders will receive additional BOOP between 1% and 5% of their current holdings.

The future reward rate will decrease by 1% (to a minimum of 1%).

What happens when the number of holders does not increase (or decreases)?
No reward is given, and no tokens are (ever) taken away from holders.

Instead, the future reward rate is increased by 1% (to a maximum of 5%).

Can Boopsy take tokens away from me?
No, it can only give you more.

Can Boopsy run out of tokens to give me?
Users of Boopsy are the only people that are able to create new BOOP - through payouts. The Boopsy smart contract mints all the BOOP it needs at that time. This process only ends once 100m BOOP exist.

Why is the payout based on the number of BOOP holders?
We figure it is a good proxy for demand. While it may not be perfect, we wanted to avoid relying on an external data source / oracle.

What happens when maximum supply of 100M BOOP is reached?
No more BOOP will be created going forward.

Why increasing only?
When demand is increasing, additional supply is welcomed.

When demand is decreasing, Boopsy does not want to punish holders of BOOP. Instead, the increased reward rate should help keep up demand, while the paused rewards helps demand catch up to supply.

Who controls Boopsy?
Boopsy is a completed Ethereum ERC20 smart contract - no work remains to be done or will be done. The smart contract, and its users, are the only ones in control.

Who is on the development team?
The project is already completed - we don't have or need a development team.

Is Boopsy safe and bug-free?
We have done our best to make sure Boopsy operates as we expect, but it is impossible to say there are no bugs. This is uncharted territory so there is no guarantee things will work properly. You are responsible for all your interactions with the Boopsy smart contract because we do not have any way to change or control it after it has been deployed.

Has Boopsy been tested?
The Boopsy smart contract has been tested fairly rigorously - feel free to browse the Github repository to see the automated test suite. We have also taken measures to keep the contract very simple as to avoid introducing bugs. That being said, this is a new experimental project so it is quite possible the smart contract will not behave as intended. Proceed with caution.

How are the tokens distributed?
1m of the initial tokens are allocated to the Boopsy team for development costs and providing initial liquidity.

The remaining 4m tokens will be distributed on Uniswap. We will add ETH/BOOP liquidity and BOOP itself in tranches over time so that the most number of people can have access to Boopsy as early as possible in a fair way.

Can I receive rewards while providing BOOP liquidity on Uniswap?

Important: Liquidity providers should only use the (W)ETH/BOOP Uniswap V2 pair because this smart contract is programmed specifically to work with that pair so that token balances belonging to that pool are synchronized properly during payouts.

What is the point of Boopsy?
There is no particular goal or objective other than observing what the behavior of such a token will be.

If holders lose interest and the number of holders starts to decline, the supply will temporarily stop expanding, but at the same time entice new holders to participate due to the higher reward rate.

The earlier holders join, the bigger percentage of the total market cap they should receive in the end.

How is this different than Ampleforth or Antiample?
People love when their balances are increasing but don't like being doubly punished with negative rebases when there is less demand. We have opted to only increase balances for this reason.

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